If I already have life insurance should I shop around for a better deal?

That depends on you. Keep in mind, if you switch policies your 2 year contestability period starts over which means if you pass away in the first two years of your new policy the insurance company can contest the payment of your death benefit if they find you have misrepresented a material fact on your application for life insurance.

But, if you feel you may save some money by switching to a new life insurance policy just make sure the insurance company is financially secure and that you don't lose any coverage. 

Sometimes, people may save money by switching to a new carrier but make sure to find out how much you will save each year on your new policy and how long your premium is guaranteed to remain the same, also, how long is your coverage guaranteed to last?

If your health has improved, you have quit smoking, lowered your weight or cholesterol levels - you may end up saving quite a bit of money on a new life insurance policy.

Here's how to compare the best rates on life insurance from several leading insurance carriers.